How to boost tax compliance with Tax Authority Compliance Suite by TWC
Tax regulations have become more complex globally, so tax authorities need a robust, integrated, and user-friendly solution. The Tax Authority Compliance Suite (TACS) by Trans World Compliance was created to meet this challenge, offering a transformative platform that efficiently manages the automatic exchange of diverse data types, including FATCA, CRS, CbC, NTJ, MDR, and ETR. TACS has been meticulously designed to handle all 24 OECD Base Erosion and Profit Shifting (BEPS) data exchange types through the OECD's Common Transmission System (CTS 2.0). As a result, TACS has established itself as the leading solution for tax authorities aiming to enhance their compliance frameworks.
Seamless compliance with international tax regulations
TACS empowers tax authorities to seamlessly handle and exchange vital data types such as FATCA, EOIR, SEOI, and AEOI across different jurisdictions. By harnessing cutting-edge automated technology that complies with global standards and is strengthened by TWC's exceptional support, tax authorities can excel in peer reviews and fulfill their regulatory obligations with unparalleled efficiency.
With TACS, tax authorities can streamline their compliance processes and ensure adherence to international tax regulations.
Modular design tailored to your needs
The modular design of TACS is particularly beneficial, allowing tax authorities to acquire only the necessary modules when needed. This strategic flexibility helps optimize resource allocation and budgeting. As regulatory landscapes evolve and new agreements are enacted, TACS' scalable technology seamlessly accommodates growth, ensuring your systems remain up-to-date without additional financial burden.
By offering a range of customizable modules, TACS allows tax authorities to adapt their systems to each jurisdiction's specific requirements.
Cut compliance costs while boosting accuracy
By utilizing TACS's modular technology, tax authorities can improve their collection mechanisms and streamline exchange processes, resulting in accelerated workflows and increased reporting precision. This advancement effectively reduces the cost of compliance. TACS is a cost-effective alternative to more expensive in-house solutions or other market options, offering budget-friendly pricing and high adaptability.
Feature-rich platform for uncomplicated compliance
TACS offers comprehensive features tailored to alleviate tax authorities' compliance challenges. It delivers a fully automated, user-centric platform that complies with EOIR, SEOI, AEOI, and country-specific regulations. The system's industrial-grade software can be up and running within hours, requiring minimal technological integration. TACS seamlessly integrates with the IDES Gateway for FATCA and the OECD's CTS, enriching its functionality with diverse data entry methods and extensive reporting capabilities.
Diverse modules for comprehensive support
The suite includes six specialized modules, each addressing a distinct regulatory focus:
- FATCA (Foreign Account Tax Compliance Act): Streamlines foreign accounts and tax compliance data management.
- CRS (Common Reporting Standard): Facilitates the global collection and reporting of account information.
- CbC (Country by Country): Supports reporting and analysis of the allocation of income, taxes, and business activities by tax jurisdiction.
- ETR (Exchange of Tax Rulings): Manages and exchanges decisions made by tax authorities that could affect cross-border transactions.
- MDR (Mandatory Disclosure Rules): Ensures transparency by automating the disclosure of reportable arrangements.
- NTJ (Economic Substance): Assists enforcing local economic substance requirements and reporting.
Each module is engineered to automate and streamline the associated compliance tasks, offering features such as regulated FI registration, comprehensive validation processes, real-time information exchange, and robust auditing and reporting capabilities. This integration ensures seamless operation without manual interference.
Request a demo now
Discover the power of efficiency with TACS by Trans World Compliance. Visit our website today to learn more about how our Tax Authority Compliance Suite can revolutionize your compliance processes. Don't miss the opportunity to experience TACS in action—contact us to schedule a personalized demo and see how our modular solution can be tailored to meet your specific needs.
Conclusion
TACS represents a revolutionary step forward for tax authorities aiming to refine their operational efficiencies, reduce compliance costs, and elevate the accuracy of their reporting mechanisms. With its modular structure, intuitive interface, and extensive range of functionalities, TACS is the optimal choice for tax authorities seeking a powerful tool to handle the complexities of modern tax regulation efficiently and effectively. By incorporating TACS into your compliance strategy, you can be confident that your operations will be streamlined and your reporting mechanisms will be accurate.
